Rockville, MD, November 1st, 2019 – SECO Group acquires 100% of InHand Electronics. SECO, a high-tech manufacturer of computer miniaturization and “ready-to-use” integrated systems, with shareholder FII Tech Growth fund backed by Cassa Depositi e Prestiti, is pleased to announce that today it has signed an agreement to acquire InHand Electronics, a Maryland-based leading provider of low-power embedded systems and software to original equipment manufacturers of handheld, portable, battery operated, Internet of Things (IoT), and wireless devices.
InHand Electronics specializes in the design and production of low-power and rugged single board computers and mobile devices for the military/defense, industrial, medical, transportation, infotainment and field operations equipment markets.
“We are extremely pleased to have InHand Electronics as part of the SECO Group. This is a very strategic acquisition for increasing our presence in the US market thanks to a very skilled R&D department and tier 1 US-based customers. With the combination of InHand Electronics and SECO we are confident we will be able to achieve new and larger portions of the American market in the forthcoming years” states Massimo Mauri, Executive Vice President at SECO Group.
“We are very pleased to be now part of the SECO Group. With our specific capabilities and market presence in the United States, SECO will be able to leverage on expanded expertise in order to grow significantly in our geography. This transaction brings together two companies that complement each other in all areas giving the combined entity a unique platform for future success” states Mark Price, President and Co-Founder at InHand Electronics.
The acquisition, which will be finalized once CFIUS filing approval is received, places SECO as one of the leading providers of embedded technologies in the North American market.
In April 2018, FII Tech Growth, a fund promoted by CDP and managed by Fondo Italiano d’Investimento SGR, invested €10 million in SECO to accelerate its expansion and internationalization.
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SECO is an Italian group with a leading global position in the sector of embedded technology and Internet of Things (IoT). Since 1979, it has been designing and producing embedded systems – industrial computers that are integrated into a client’s machine or tool, activating its functions and permitting interaction through touch/video interfaces. SECO collaborates with a broad network of strategic suppliers in the international high-tech panorama (including Intel®, AMD, NXP, NVIDIA®, Wind, and Telenor), as well as with universities, research centres and innovative start-ups, and operates on a global scale with offices in Italy, Germany, the U.S., India and Taiwan, employing more than 300 people.
The industrial sectors in which SECO products are utilized range from biomedicine to wellness, industrial automation to transportation, and it has clients that are market leaders, such as Cimbali, Esaote, Evoca, and Technogym. For more information: www.seco.com
About InHand Electronics
InHand Electronics, Inc. is an original design manufacturer of single board computers and rugged handhelds for original equipment manufacturers. InHand Electronics offers commercial off-the-shelf (COTS) computing platforms and modified COTS design services for custom electronic and Internet of Things (IoT) product solutions. InHand Electronics products are used in a variety of markets including: military, healthcare, industrial, entertainment, and instrumentation. Products feature industry-leading technologies such as: NXP, Texas Instruments, Intel and Marvell processors; Android, Linux, Ubuntu, Microsoft, and RTOS operating systems; and communications technologies such as: cellular, Wi-Fi, personal area network, and Ethernet. InHand Electronics engineering design services include: system hardware, software, and packaging support services include: product manufacturing, program management, manufacturing test development, and supply chain. InHand Electronics is an ITAR registered company. InHand Electronics products are designed and assembled in the USA.
About FII Tech Growth
FII Tech Growth, with a fundraising target of €150 million, is the first Italian late-stage technology investment equity fund. It is managed by Fondo Italiano d’Investimento SGR and is dedicated to invest in the growth of small and medium-sized Italian companies with high-tech business models. The fund announced its first closing in September 2017 with Cassa Depositi e Prestiti as cornerstone investor. Fondo Italiano d’Investimento SGR currently manages a total of eight investment funds, dedicated to institutional investors, for a total of about Euro 3 billion of Assets Under Management. For more information: www.fondoitaliano.it
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